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$4,000,000 : Land Acquisition, Orlando, FL
New York based Mercury Capital Corporation, a nationwide bridge lender, is pleased to announce that it has recently funded an 18-month, $4,000,000 first mortgage secured by a residential development site in downtown Orlando, FL.
“With plans to construct a 191-unit luxury residential tower, our borrower faced a contract deadline, and the possibility of losing a substantial contract deposit. Responding with characteristic speed & an aggressive 75% loan to cost, Mercury Capital closed the land acquisition in time and saved the deal,” explained Marc Gleitman, President at Mercury Capital.
Downtown Orlando is the financial hub of the Orlando metro area and is undergoing a development renaissance, with most of the projects targeting empty nesters & twenty-something eager to live in the urban core. Over $2 billion of commercial & residential development, including apartments, condominiums, and several office towers, are planned for downtown, making it one of the hottest new neighborhoods in the region. More than 7,000 apartments & condominiums have been built, are under construction, or are being planned.
For more information please contact Mercury at 212.661.8700
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